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Bank stocks in focus as RBI asks banks to link loans to external benchmark

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Bank stocks will be in focus after the Reserve Bank of India (RBI) on Wednesday made it mandatory for banks to link all new floating rate personal or retail loans and floating rate loans to MSMEs to an external benchmark, effective 1 October 2019. However, banks can link loans to other segments of borrowers as well, RBI said.

Wipro has secured a strategic seven-year engagement, valued at $300 million, from ICICI Bank to provide a comprehensive suite of services. The announcement was made after market hours yesterday, 4 September 2019.

Power Grid Corporation of India was declared as the successful bidder under Tariff Based Competitive Bidding to establish transmission system for Intra-State Transmission Work associated with construction of 400 kV Substation near Guna (Distt.-Guna, Madhya Pradesh) & Intra-State Transmission Work associated with construction of 220 kV Substation near Bhind (Distt.-Bhind, Madhya Pradesh) on build, own operate and maintain (BOOM) basis. The Transmission system also comprises associated 400kV, 220kV and 132kV Transmission lines in Madhya Pradesh. The Letter of Intent (LoI) dated 2 September 2019 has been received by the company. The announcement was made after market hours yesterday, 4 September 2019.

NMDC said that total production of iron ore on a provisional basis fell to 1.41 million tonnes (MT) in August 2019 from 1.46 MT in August 2018. Total sales of iron ore on a provisional basis dropped to 1.49 MT in August 2019 from 2.32 MT in August 2018. The announcement was made after market hours yesterday, 4 September 2019.

The Multi Commodity Exchange of India (MCX) and Zhengzhou Commodity Exchange (ZCE), one of the leading commodity exchanges in China, have signed Memorandum of Understanding (MoU) for cooperation and the exchange of information. The MoU is intended to facilitate cooperation between the two exchanges in areas such as knowledge sharing, education & training, organizing events as well as to explore areas of mutual interests between the exchanges. The announcement was made after market hours yesterday, 4 September 2019.

Elecon Engineering Company said that the Arbitral Tribunal has passed the awards dated 1 September 2019 in favour of the company aggregating to Rs 37.57 crore plus interest from the date of award till their realization. The Tribunal further directed BGR Energy Systems to return the bank guarantees as submitted by the company. The announcement was made after market hours yesterday, 4 September 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 05 2019. 08:44 IST
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